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Mar 22, 2013
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steve sedgwick in moscow earlier today. russia's been a big player in this drama but our international correspondent, chief international correspondent michelle caruso-cabrera is in cyprus for us now. michelle? >> reporter: tyler, the situation in cyprus is incredibly unclear and increasingly chaotic. the parliament of this country was supposed to vote ten hours ago to pass a law that would allow them to restructure the banks. we're still waiting. it's unclear if they are going to vote today at all. at the same time we're getting reports that maybe the european union is going to demand even more from this country. hours ago we were told by the leader -- the head of the leading party that they were extremely close to a deal and yet we still wait. the same time it's growing increasingly chaotic in this country's economy because the banks are still closed. they have been closed for seven days now. it looks like they will be closed for at least ten days. that means people running businesses can't do payroll, can't access their
steve sedgwick in moscow earlier today. russia's been a big player in this drama but our international correspondent, chief international correspondent michelle caruso-cabrera is in cyprus for us now. michelle? >> reporter: tyler, the situation in cyprus is incredibly unclear and increasingly chaotic. the parliament of this country was supposed to vote ten hours ago to pass a law that would allow them to restructure the banks. we're still waiting. it's unclear if they are going to vote...
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Mar 20, 2013
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steve is live in moscow. steve? >> reporter: maybe. maybe, tyler. maybe there will be money from russia, but maybe russia is playing a canny game here and it's going to wait and see what happens. the russians have enormous skin in the game. i mean, the bilateral trade and bilateral money transfers in 2011 according to moody's between russia and cyprus and back and forth was a quarter of a trillion dollars. the russians hold around about $30 billion plus in the bank accounts here in cyprus, so you can see the kind of money we're talking about. the rugs have got enormous business activities. it's kind of like an offshore financial senscenter for the russians? certainly they want to see they get their money back. a lot of assets are held by the likes of vtb, one of the big russian banks with $13 billion in assets according to some estimates in banks in cyprus. secondly, maybe they're going to extract something like a naval base. many have talked about the aspirations of the russians in that part of the mediterranean. and cyprus has offshore gas rights
steve is live in moscow. steve? >> reporter: maybe. maybe, tyler. maybe there will be money from russia, but maybe russia is playing a canny game here and it's going to wait and see what happens. the russians have enormous skin in the game. i mean, the bilateral trade and bilateral money transfers in 2011 according to moody's between russia and cyprus and back and forth was a quarter of a trillion dollars. the russians hold around about $30 billion plus in the bank accounts here in...
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Mar 26, 2013
03/13
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steve cohen baud a $155 million picasso from the las vegas mogul steve wynn. what's interesting here is wynn agreed to sell the piece to cohen back in 2006 for $139 million, but the deal was called off, as you may well recall when he actually jammed his elbow through the canvas, causing a six-inch tear. mr. cohen just had to pay a big settlement fee to the s.e.c. >> if el were the s.e.c. enforcement guys, i would take this as a slap in the face. they think they did a by blow by charging the largest-ever fine against him. >> elbow through the artwork. made it more valuable, apparently. >> my opinion has always been you should buy art, because you love it. clearly steve cohen loves it painting. it was $16 million cheaper before it got ruined. >> he wants it even more. >>i like a -- >> the pickled shark. >> and then the thing leaked. >> when he bought that, that shark was rotting, deteriorating. he bought what was then a damaged work. he said, look, i love it so much. they gave him a new shark and new formaldehyde. >> what isn't to love? >>> look who got rich thi
steve cohen baud a $155 million picasso from the las vegas mogul steve wynn. what's interesting here is wynn agreed to sell the piece to cohen back in 2006 for $139 million, but the deal was called off, as you may well recall when he actually jammed his elbow through the canvas, causing a six-inch tear. mr. cohen just had to pay a big settlement fee to the s.e.c. >> if el were the s.e.c. enforcement guys, i would take this as a slap in the face. they think they did a by blow by charging...
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Mar 19, 2013
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steve liesman has more details on that. hi, steve. >> thanks very much, sue. we're here with the growth forecast from our 54 respondents. first i'll show you what the gdp -- i guess we're going to do the recession here first. you can see back in september 2011, when we're dealing with debt ceiling, the probability of recession by this group, 36%, fell to a low of 19% around the winter of 2012. remember when everything was being looking good, it dipped down again. the probability of recession went up again. now it's fallen again for the second straight month. 2011, 17.6%. not quite off the charts because we still have room here but it's the lowest that we've seen since we began asking this question. i don't know if we have the growth forecast chart here, guys, if we can go back to that. here are the actuals. year over year gdp, 2.6, 1.8, lackluster and picking up to a lackluster not great 2.6%. i want to share with you some views of the economy from our 54 respo respondents. firming housing prices are a game changer. there is something much more self-feeding ab
steve liesman has more details on that. hi, steve. >> thanks very much, sue. we're here with the growth forecast from our 54 respondents. first i'll show you what the gdp -- i guess we're going to do the recession here first. you can see back in september 2011, when we're dealing with debt ceiling, the probability of recession by this group, 36%, fell to a low of 19% around the winter of 2012. remember when everything was being looking good, it dipped down again. the probability of...
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Mar 21, 2013
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back to you. >> i think you're probably right, steve. thank you very much. >>> well, all of this, of course, has the people of cyprus extremely upset. they have taken to the streets protesting in front of parliament. and that is where we find our michelle caruso-cabrera. she's following the story from the cyprus standpoint. michelle? >> reporter: yes, hi there, sue. about 100 meters that way or where you see all the prote protesters, they gathered a couple hours ago. they learned that the bank is going to be shut down, one of the two insolvent banks here in cyprus, one of the measures they're going to likely have to take in order to secure a bailout. behind me is the parliament. inside we understand that they are going to pass a law that gives the central bank the right to shut down banks in this country. they didn't have the right to do that before. if you don't understand a lot about banking or bailouts, this is very simple. if you shut down a bad bank, you save a lot of money. if you try to save a bad bank, it costs a lot of money. yo
back to you. >> i think you're probably right, steve. thank you very much. >>> well, all of this, of course, has the people of cyprus extremely upset. they have taken to the streets protesting in front of parliament. and that is where we find our michelle caruso-cabrera. she's following the story from the cyprus standpoint. michelle? >> reporter: yes, hi there, sue. about 100 meters that way or where you see all the prote protesters, they gathered a couple hours ago. they...
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Mar 18, 2013
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steve liesman on his way soon to westchester county. robert, who knows where he's going. what it might mean for russia's rich. >> nondisclosed location. >> tyler, i'm looking at the markets and the commentary coming in to my e-mail. i think knee-jerk contagion is now becoming contagion as some investors doubt that what's going on in cyprus is really raising concerns about the positive insurance worldwide. citi group in a report that just came out, contagion risks are over rated in our view. the risk of bank runs in other euro area countries has clearly risen but the unique features of the cypriot situation should limit the read through to other cases in the euro area. in case you didn't know this, issuing a strong statement the reassure american depositors. while the situation in cyprus is a real concern for the depositors in cypriot's banks, depositors in the u.s. banks are insured. the cyprus debacle is the sort of thing that has kept the fed on age and as gresive stance on monetary policy. fed would increase by 85 billion in additional mortgages because it's already on
steve liesman on his way soon to westchester county. robert, who knows where he's going. what it might mean for russia's rich. >> nondisclosed location. >> tyler, i'm looking at the markets and the commentary coming in to my e-mail. i think knee-jerk contagion is now becoming contagion as some investors doubt that what's going on in cyprus is really raising concerns about the positive insurance worldwide. citi group in a report that just came out, contagion risks are over rated in...